Noble Financial Increases Earnings Estimates for Euroseas

Euroseas Ltd. (NASDAQ:ESEA - Free Report) - Analysts at Noble Financial upped their FY2024 earnings estimates for shares of Euroseas in a research report issued to clients and investors on Wednesday, October 23rd. Noble Financial analyst M. Reichman now expects that the shipping company will post earnings per share of $15.06 for the year, up from their prior estimate of $14.99. Noble Financial has a "Strong-Buy" rating on the stock. The consensus estimate for Euroseas' current full-year earnings is $14.99 per share. Noble Financial also issued estimates for Euroseas' Q4 2024 earnings at $3.71 EPS and Q1 2025 earnings at $3.76 EPS.

Several other analysts also recently issued reports on the company. Alliance Global Partners initiated coverage on Euroseas in a research note on Monday, September 9th. They set a "buy" rating and a $60.00 target price on the stock. StockNews.com upgraded shares of Euroseas from a "hold" rating to a "buy" rating in a research report on Saturday, October 12th.

Euroseas Price Performance

NASDAQ:ESEA traded up $0.66 on Thursday, reaching $42.52. 28,591 shares of the company's stock traded hands, compared to its average volume of 41,237. The firm has a market cap of $297.90 million, a PE ratio of 2.77 and a beta of 0.85. The company has a quick ratio of 1.41, a current ratio of 1.46 and a debt-to-equity ratio of 0.52. The stock has a 50-day simple moving average of $44.88 and a 200-day simple moving average of $39.95. Euroseas has a 12 month low of $22.50 and a 12 month high of $50.92.

Euroseas (NASDAQ:ESEA - Get Free Report) last released its earnings results on Tuesday, August 6th. The shipping company reported $4.92 earnings per share for the quarter, beating analysts' consensus estimates of $2.49 by $2.43. The company had revenue of $60.29 million for the quarter, compared to analysts' expectations of $49.33 million. Euroseas had a net margin of 57.36% and a return on equity of 38.07%.

Hedge Funds Weigh In On Euroseas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its stake in Euroseas by 49.6% in the 1st quarter. Acadian Asset Management LLC now owns 71,763 shares of the shipping company's stock worth $2,570,000 after acquiring an additional 23,796 shares during the last quarter. Inspire Investing LLC purchased a new stake in Euroseas during the third quarter valued at $913,000. Lazard Asset Management LLC lifted its position in Euroseas by 3,282.3% during the first quarter. Lazard Asset Management LLC now owns 8,219 shares of the shipping company's stock valued at $294,000 after purchasing an additional 7,976 shares during the last quarter. Redhawk Wealth Advisors Inc. bought a new position in Euroseas during the second quarter valued at $248,000. Finally, Squarepoint Ops LLC grew its stake in shares of Euroseas by 42.5% in the 2nd quarter. Squarepoint Ops LLC now owns 12,135 shares of the shipping company's stock worth $424,000 after buying an additional 3,617 shares in the last quarter. 6.27% of the stock is owned by institutional investors.

Euroseas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Monday, September 9th were issued a $0.60 dividend. The ex-dividend date was Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 5.64%. Euroseas's dividend payout ratio (DPR) is 15.76%.

Euroseas Company Profile

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables. As of March 31, 2024, it had a fleet of 20 containerships with a cargo carrying capacity of approximately 777,749 dwt.